It’s been almost two years since Covid-19 first hit us. Still, there seem to be no signs of it going away.
The most challenging thing about Covid-19 in Singapore is the people’s financial situation that you all can agree. Several households are hampered due to the pandemic, and people face financial crises all over the country. Cost of living in Singapore remains high.
You will be shocked to know about the economic condition of how they are losing their jobs. People’s businesses are shutting down forcefully for Covid-19.
And if you are going through this situation, here is how you can get financial help during the coronavirus pandemic in Singapore through various organizations and funds.
If you are brave enough to check the bank accounts, you can see the rapid drop in savings numbers. DBS, UOB, Standard Chartered are the banks of Singapore that are lowering their saving rates due to the situation, which is very sad to notice.
The employers and investors are panicking; the events are canceling and waiting for further notice.
You know the situation is very hard for people with uncertain jobs, small businesses, and restaurants. They are afraid of not making enough money for their survival and thinking about getting financial help.
Here is some good news — you can get financial help for the Covid-19 situation from different organizations. Read on!
Government help is the most effective one if you are suffering from financial problems. The Singapore Government launched several budgets, putting relief measures for the people to know about the impact of the Corona Virus.
As the world is facing so many difficulties because of the pandemic, the Singaporean Government took the initiative to give generous packages for household support.
Countries like Hong Kong and Vietnam are also suffering economic loss from the third wave of Covid-19. Their people are experiencing a tough situation right now because of this.
Here the Singaporean Government is trying its best not to hit the wave. And they are trying to help people who are already affected physically and financially.
The Government is doing this to strengthen the hampered businesses and the people who lost their jobs due to pandemics. You can apply to several funds for government help, and they will connect you to use for it.
As people are facing problems by being unemployed, you can think of doing something different. Think about doing something you like or are passionate about. Being creative can be your bread and butter in this pandemic!
As the companies are not accepting new employees and the salary is also reduced, you can try out some temporary jobs until everything gets fixed.
Freelancing is one of the best temporary jobs you can do. If you are good at writing with the basic skills, you can try this out. Writing journals, blogs and articles will also help. You need to start earning on your own if you want to be financially stable in this situation.
If you think you lack the basic skills of the field, you may try doing some courses from Coursera, Skills future, and Udemy. As a Singaporean, these will be available to you once you get registered. These resources can guide you to your desired educational and practical skills.
Food delivery jobs are in trend these days. Hence, you can try to get a job in this sector as well! As people are now stuck at home, everyone is ordering in. And so the demand for food delivery guys is on the rise!
You can also get a job as an online teacher because educational institutions are closed. And if you are in a good mood, you can offer some free tuition to those in need.
Ever thought of selling your comfort things from your house? Well, now you can feel and make money from it in this crisis. If you are having financial trouble, you can sell some products which are not very useful to you anymore.
You can sell your unused clothes to the people who need them. Moreover, if you have a desk you don’t use anymore, it is the best time to get rid of that. And being minimalist is the hottest thing right now! So, give that a thought.
You do not need to be bothered about how to sell them. Social media is very much effective in this case. All you have to do is upload some pictures, set a price, and you’re good to go!
Furthermore, you can use free platforms like Carousell to sell your items. Thanks to the internet, selling unwanted items is now easier than ever.
The National Trades Union Congress (NTUC) has set up funds to help the citizens for the coronavirus outbreak. People facing a financial crisis are allowed to contact the funds given below with specific criteria.
Three schemes will make you understand which type of help you need the most, and they will let you decide which fund you should apply to.
The three schemes are:
Here is some information about these schemes.
The Temporary Relief Fund
This fund takes care of the people who lost their job temporarily and whose business is not working properly for the pandemic. Many people are suffering from sudden job loss, and their survival is becoming more and more difficult.
Hence, Singapore citizens and permanent residents can apply for this scheme. The temporary relief fund will try to do its best.
After applying, you will be notified by SMS or phone call. You will also get a notification from the service called PayNow. That is when you will be confirmed that your application has been granted.
If you do not have PayNow, you will be notified by CC within 2-3 weeks.
The Courage Fund
This scheme is helping people who are affected by Covid-19 and are not allowed to get out for work. If you are corona positive, you know that you have to maintain strict isolation even in your house.
So it will be hard for the people who are the family’s breadwinners to stay in their house for more than 2-3 weeks. In this situation, you need money from other sources because you are already not getting a salary from your job. So you can apply here to get your financial help.
You can find more details about this on the National Council of Social Services (NCSS) website. Make sure to read the guidelines before applying.
The Covid-19 Support Grant
You will get help from this fund if you are unemployed due to the pandemic and cannot get the money anywhere. It became tough to get jobs due to this situation for safety and financial purposes. Companies do not want to hire new people because the economy is dropping already.
So if you are facing this problem, you can apply here. Furthermore, people whose salaries are deducted to 30% for the three consecutive months can also use for financial help in the support fund.
For your better understanding, the difference between temporary relief fund and courage fund is that the first deals with people who temporarily lost their jobs due to the pandemic.
The other fund helps people who lost their job permanently and searching for a new one. You can apply for it according to your situation
You will be notified by the Covid-19 support grant and courage fund within 2-3 weeks after the application.
Borrowing From A Licensed Moneylender
Firstly, a licensed moneylender is 100% different from a loan shark. Loan sharks are illegal groups and they harm innocent citizens.
Licensed moneylenders are private financial institutions that are registered with the Ministry of Law. They follow the rules set by the government and offer various financial packages for the public.
1AP Capital is a trustworthy and reliable lender that has been around Singapore for many years. With a high Google rating, 1AP Capital has served many satisfied customers with our customizable loan packages. Our staff is friendly and very experienced in this industry.
If you need money urgently, you can apply for a fast cash loan that has affordable repayments. We are able to customize the loan term to suit your income and your needs. That’s how far we will go to help our customers!
The covid-19 situation has made everyone stuck in the house and doing nothing. Even if you want to go out and earn money, it is not possible because of safety issues. We’ve got only one life, can’t really risk that!
During tough times like these, it is important to keep calm. Financially, it might be necessary to tighten our belts.